Insight DIY is the only source of market information that I need and they always have the latest news before anyone else. Registered in England No. It plans keep up to 175 stores out of 262 sites in total. The transaction largely relates to the Bensons for Beds business but the Purchasers will honour any open orders placed before 30 June 2020, including those relating to the Harveys business. The Harveys furniture stores and those manufacturing facilities not acquired by the Purchasers will continue to trade in administration whilst options are explored. Benson for Beds was bought out of administration by Alteri Investments through a pre-pack deal but the sale was not referred to the Pre-Pack Pool, a … Product Partnerships Limited’s FCA registration number is 626349 and its address is Salts Piazza Offices, Salts Mill, Victoria Road, Saltaire, BD18 3LA. Alteri will invest £25m of fresh funding into the retailer to revive its fortunes, but plans to close one of its manufacturing sites and may downsize its store estate depending on what rent deals it can secure. The Blue Group operates from 262 retail stores, four manufacturing sites and a delivery network of regional distribution centres, with annual revenues in excess of £600m. Don't miss out on all the latest, breaking news from the DIY industry, Neil Anderton - Sales Director, British Ceramic Tile, Queries regarding orders placed with Harveys before 30 June 2020 should be directed to the Purchasers on 0333 222 6800 or at, Both Bensons For Beds and Harveys were put up for sale in mid-March by Alteri, Blue Group - from Steinhoff in November 2019, Alteri Investors was planning to re-acquire Bensons For Beds via a pre-pack administration, Poundland Issues Challenge to Armchair Critics, Poundland Parent Changes Name to Pepco Group. For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter. Bensons for Beds, which operates 243 shops, has been bought in a pre-pack administration deal by turnaround firm Alteri Investors, saving nearly 2,000 jobs. Please review our, You need to be a subscriber to join the conversation. // The owner of Bensons for Beds is close to re-acquiring it through a pre-pack administration deal Bensons for Beds was founded in the 1950s and is the UK's second-largest bed retailer after rival Dreams. Bensons for Beds. Mark Jackson, chief executive of Bensons, said: "While this is a difficult day, saying goodbye to loyal colleagues across the group, the restructuring will allow Bensons to emerge as a leaner and fitter business.". Harvey’s Furniture. It operates from 262 retail stores, 4 manufacturing sites and a delivery network of regional distribution centres. The sale of the Bensons for Beds business has preserved 1,899 jobs. 894646. The company's sister business Bensons for Beds also called in administrators but was immediately bought back by its owner through a so-called pre-pack rescue deal where it is shorn of debts. 1,330 employees have been retained to support this trading period.”, “It was regrettably necessary to make 240 employees redundant due to the economic position of the Group. “It was regrettably necessary to make 240 employees redundant due to the economic position of the Group. explains more about how we use your data, and your rights. Product Partnerships Limited’s FCA registration number is 626349 and its address is Salts Piazza Offices, Salts Mill, … The transaction largely relates to the Bensons for Beds business but the Purchasers will honour any open orders placed before 30 June 2020, including those relating to the Harveys business. Sign up for our newsletter here. Warranties for Harveys Furniture products cannot be honoured. HARVEY'S furniture store has collapsed into administration but partner retailer Bensons for Beds has been saved. “The Harveys furniture related retail and manufacturing businesses will continue to trade in administration whilst all options are explored. Get involved with the news in your community, This website and associated newspapers adhere to the Independent Press Standards Organisation's Editors' Code of Practice. Looking for today's top stories in one place? This has resulted in cash flow pressures, exacerbated by the effects of coronavirus on the supply chain and customer sales. Following our appointment, we immediately completed a sales process for certain business and assets of the Group. The Blue Group, which also includes Harveys, the Relyon factory in Wellington and Formation Furniture in Bridgend, South Wales, has gone into administration. The Group is a vertically integrated UK retailer that operates under a multi-channel strategy through stores, online and telesales. It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times. So far 240 employees have been made redundant, but 1,330 jobs could still be at risk. Our. The principal activities of the Group is the manufacture, distribution and retail of beds/mattresses and home furniture products with annual revenues in excess of £600m. The firm has a store on Riverside Retail Park in Warrington and a Bensons for Beds on Winwick Road. Bensons for Beds Retail Ltd is an appointed representative of Product Partnerships Limited which is authorised and regulated by the Financial Conduct Authority. PWC was appointed administrators on Tuesday. A further 1,300 jobs could be lost if a buyer fails to emerge. The purchasers will be working with the existing management team to continue to grow and develop the business.”, “The Harveys furniture related retail and manufacturing businesses will continue to trade in administration whilst all options are explored. Harveys' administration is the latest in a series of collapses and restructurings, with Oak Furnitureland, Laura Ashley and Cath Kidston already going under. It has not been possible to secure further investment to continue to trade the group in its current form.”. Furniture chain Harveys has fallen into administration but sister company Bensons For Beds has been saved, it has been announced. Alteri Investors, a buyout firm that specialises in distressed retailers, has appointed PWC as administrator to the business, which will continue operating while it seeks a buyer. Earlier this month, Sky News reported that Alteri Investors was planning to re-acquire Bensons For Beds via a … We can introduce you to a … Data returned from the Piano 'meterActive/meterExpired' callback event. Those ads you do see are predominantly from local businesses promoting local services. This sale puts the ongoing business on a firmer financial footing in its restructured form as Bensons for Beds only model, whilst preserving 1,899 jobs. HARVEY'S furniture store has collapsed into administration but partner retailer Bensons for Beds has been saved. New owner sought for furniture chain after falling into administration, while Bensons for Beds is bought back by owner in a pre-pack deal. Sister retailer Harveys is not included in Alteri’s pre … “It was regrettably necessary to make 240 employees redundant due to the economic position of the Group. More than 1,000 jobs are under threat after the owner of Harveys put the furniture chain into administration. Mr George insisted that all orders will be fulfilled, with most management staying on. Zelf Hussain, joint administrator and PwC Deals partner, said: “The Group had been facing increasingly challenging trading conditions in recent months, in particular the Harveys furniture business. 1,330 employees have been retained to support this trading period. The Group is a vertically integrated UK retailer that operates under a multi-channel strategy through stores, online and telesales. Bensons for Beds Retail Ltd acts as a credit broker not a lender. "The challenges in the sector go back a while and Covid has exacerbated those issues. This site is part of Newsquest's audited local newspaper network. Since the administration and buy-back announcement, it has been reported that Alteri is understood to be planning a £25m investment into technology for the Bensons For Beds business. You can contact Bensons at 0333 222 6800 / [email protected] if you have any queries. The Harveys furniture stores and those manufacturing facilities not acquired by the purchasers will continue to trade in administration while options are explored, they say. Some 240 Harveys employees will lose their jobs with immediate effect, with uncertainty hanging over the remaining 1,300.